Friday, February 24, 2012

Woodside Sale Of Browse Stake May Raise US$1.6 Bln: Citi - Deal Journal Australia - WSJ

Woodside Sale Of Browse Stake May Raise US$1.6 Bln: Citi - Deal Journal Australia - WSJ: Citi pointed out West Australian Premier Colin Barnett said James Price Point is to be the last greenfield LNG hub in Western Australia. “There may be some strategic value in obtaining a position, one factor which may drive the price beyond our DCF,” Mr. Greenwood said.

The broker doesn’t believe Chevron or BHP Billiton will be interested, but said BP could take a look since it has few competing LNG projects in the region.

“Shell is also a possibility…if Shell pre-empted, it could pay with Woodside stock and reduce its 24% stake in Woodside to US$6 billion from around US$7.5 billion,” Mr. Greenwood said before adding that Citi believes neither BP nor Shell would likely match the price offered by other interested parties.

Possible Asian buyers include CPC Taiwan, Mitsui, PetroChina and Mitsubishi.

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